UK-based power group Octopus Vitality has raised US$550 million to spend money on renewables-enabling applied sciences and options.
Octopus stated it had raised US$550 million in two tranches; US$325 million by present traders, which incorporates the likes of Origin and Tokyo Fuel; and an extra US$225 million from Canadian Pension Plan Funding Board (CPP Investments).
The CPP Investments funding comes simply eight months after the financier invested US$300 million in Octopus to assist the expansion of its Kraken power know-how platform, which optimises varied features of the power technology and retail course of.
Kraken is Octopus’ proprietary power tech platform which utilises superior information processing and machine studying approaches to enhance grid resilience and effectivity, in flip facilitating extra renewables to hook up with nationwide grids.
The proceeds of this most up-to-date spherical of funding can be used to develop Kraken additional – earlier this 12 months Octopus confirmed plans to expand the platform into other utilities – and spend money on additional merchandise and options to “assist clear up the power disaster and drive renewables at scale”.
Greg Jackson, CEO at Octopus Vitality Group, stated: “We’re in greedy distance of a clear, low cost, safe power system – nevertheless it wants continued boldness from innovators like Octopus, and the backing of visionary traders like CPP Investments, Technology, Origin and Tokyo Fuel.”
Octopus operates power retail companies in quite a few jurisdictions, together with the UK, Germany and the US, and is a prolific investor in utility-scale renewables.
Final week Octopus launched a AU$10 billion (US$6.95 billion) funding platform to amass renewables property all through Australia, buying the nation’s largest operational photo voltaic venture within the course of.
